Tesla Stock Breaks Out Toward All-Time Highs

Tesla, Inc. shares rose more than 3% on Thursday, breaking out from near-term resistance levels at around $370.00. The move comes after Tesla CEO Elon Musk indicated that the company would unveil its semi-truck on Oct. 26. At the same time, The American Trucking Association expressed interest in including trucks in any legislation passed on autonomous vehicle development in a move that could signal the high level of demand.

Morgan Stanley analysts believe that the trucking sector – including companies like Schneider National, Inc. – could benefit from electric vehicles and autonomous driving capabilities. In addition, the analysts believe that Tesla could start taking orders immediately after the event with a $5,000 deposit, which could lead to near-term revenue and an early sign of the level of demand in the market for such products. (See also: Tesla Could Be Biggest Catalyst in Trucking in Decades: Morgan Stanley.)
Shares broke out from near-term resistance levels after Elon Musk announced Tesla’s entry into the trucking industry. …read more